May 2018 Digital Issue

MIXED USE
ISTOCK.COM/ALPHASPIRIT
WHEN
COMPLEMENTS
ATTRACT
Mixed-use projects thrive with lifestyle branding
If you ask Manlio
P. Marescotti, VP
Lodging Development,
Marriott
Hotels of Canada,
when it comes to
mixed-use development
projects, the sum is
greater than the individual
parts.
Mixed-use projects
are moving beyond the
traditional major-market,
high-end condo/luxury
BY J. LYNN FRASER
pairing for three reasons,
according to Marescotti.
First, “all developers are
trying to maximize their
diversity.” Second, they are
able to “attract different
investors due to the hotel
component.” The projects
are “more attractive” due to
the presence of the hotel.
Finally, re-developments
are “maximized” when all
the individual components
can contribute.
Marescotti states that
a hotel’s brand, as well as
what it represents to the
public and investors, is
important to a mixed-use
project. “Branding is good
for the condo market [as] it
brings global recognition,”
he comments, adding that
“the price-per-square-foot
and the pace-of-sales”
also benefit from a hotel’s
presence. “It equals credibility.”
Additionally, he
notes that customers know
“they’re getting certain
services available.”
Millennials are attracted
to mixed-use hotels not
just for the “rooms component,”
Marescotti says, but
also for the hotel service,
the better health clubs,
the food and beverage, and
the “cachet” that comes
with the brand. “Cachet
is important,” he emphasizes.
Baby Boomers and
empty nesters, in turn,
also appreciate the mix
of convenience, services,
lifestyle and culture.
“A critical element,”
comments Josh Zagdanski,
VP, High Rise at Madison
hoteliermagazine.com
MAY 2018 HOTELIER 47